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Suntech Power Holdings reports full year results

Suntech Power Holdings Co, a photovoltaic (PV) module manufacturer, has reported preliminary financial results for the fourth quarter (Q4) and full year 2008.

In Q4 of 2008, Suntech expects total net revenues to be in the range of US$405-420 million, above previously issued guidance of revenues in the range of US$345-360m.

Full year 2008 total net revenues are expected to be in the range of US$1.91-1.93 billion and full year 2008 PV product shipments are expected to be in the range of 493-496 MW.

The Company has also announced that it had reduced the workforce by approximately 800 employees as a result of ongoing performance evaluation in the fourth quarter of 2008.

In addition, Suntech suspended the hiring of a further 2,000 new staff in line with Suntech’s decision to maintain production capacity at 1 GW as a result of the difficult economic environment. Suntech will consider further expansion and hiring when market conditions improve. Suntech's headcount as of December 31, 2008 was 9,070.

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